SharePoint Credit Union Celebrates 90 Years of Service
Back in 1933, a handful of Red Owl grocery store employees decided to pool together all their funds with one goal in mind: to make their money go further. Fast forward to the present; those funds and resilience helped lay the foundation for the best, local, trusted, not-for-profit, and member-owned financial cooperative in Minnesota today. SharePoint Credit Union has since expanded and grown exponentially and is now able to offer members and future members better rates on deposits and loans, and our profits are re-invested into our membership in the form of better rates and services. And this year, SharePoint Credit Union celebrates 90 years of service. Continue reading our blog as we take a look back at how we have been committed to providing the best services to our members throughout the decades.
Red Owl Credit Union
In September 1933, a group of dedicated Red Owl corporate and warehouse employees established the Red Owl Credit Union. This group was determined to navigate the challenging economic landscape they were facing during the Great Depression. A $250 loan from the Red Owl grocery store and an initial share value of $0.25 helped pave the way to form a credit union. By December 31, 1933, Red Owl Credit Union had 47 members, approved 13 loans, and held a balance of $97.89.
Expansion and Rebranding
Over the next few decades, Red Owl Credit Union expanded and embraced technological advancements that would benefit members and future members. An installation of modern bookkeeping equipment in 1958 helped it become one of the few credit unions to adopt the use of I.B.M. machines in 1961. Expansion and rebranding resulted from reaching new milestones and crossing the $10 million asset mark.
In 1990, the name changed to Retails Employees Credit Union and helped establish a relationship with grocery stores as well as the first independent location in St. Louis Park. Nine years later and with no signs of slowing down, the credit union crossed the $100 million asset mark and expanded again, making another name change to SharePoint Credit Union.
Services for Members
Due to expansions over the years, adopting new technologies, and being committed to serving members and future members, SharePoint Credit Union now offers many services and financial tools, including:
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Business loans
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Auto and Recreational loans
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Checking and Savings accounts
If you are interested in any of the services we offer, visit our website for more information.
Thank You For 90 Years
As SharePoint Credit Union celebrates 90 years, our goal has always been to provide the best value to our members, our partner companies, and the communities we serve. The better they do, the better we do. We could not have done any of this without our members who all played an important role in building this legacy. For that, we want to say thank you for allowing us to serve you. Here’s to many more decades to come!
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